KSS 59 | Mortgage Note Case Study

One of the most notable things about the mortgage note business is that they can be used to help people stay at their homes when things go sideways. This is exactly what this case study is all about. Coming back to the show with Kevin Shortle, David Franecki, a senior note buyer, note coach, and seller financing consultant at Capstone Capital USA, LLC, shares a deal involving properties in Redford, a suburb of Detroit, Michigan. In his Duly Noted segment, Kevin also talks about sharpening your creative financing skills when financing isn’t as available as it once was. Listen in and learn a lot about note investing and creative financing!

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Mortgage Note Case Study With David Franecki

Once again, thank you for reading the blog and sharing it at your meetup groups live or virtual. I do appreciate that very much. Sorry about not putting out a show for a while. We’ve had some other things here and great issues that we’re dealing with. We’re expanding upon a new marketing program within the industry that people can participate in. That’s been going and growing. We have people buying and brokering deals. It’s been fantastic. My clients have been busy. If you’re serious about getting started in real estate notes, check out the other educational programs. I know there are a couple of other ones out there, but I’ll tell you, before you invest in any of them, please talk with me personally. I will give you a scheduler. We will get on the phone and we will talk and see if this is the right program for you.

The fact that I’m dealing with people one-on-one has been a complete game-changer for people, and it’s getting busier and busier. At some point in time, I’ll have to put a pause on the enrollment because I do personally work with everybody to help them get going and/or grow or take it to the next level in this business. Hopefully, this show gives you some insight into all of that, likes to share good content with you. I’ve noticed a lot of changes going on in the industry that were predictable. We talked about them on episodes. I’ve been talking about them on my blog. Follow me on YouTube also or Twitter because I do a daily note investor tip of the day and a lot of good insight there.

We’re going to get rolling here with a Duly Noted segment for you. Also in this episode, I interview Dave Franecki. He’s been on the show before, if you’ve been a long-term time audience. He’s a friend of mine. I trained him in the business a number of years ago. He’s done fantastic with it. He always comes to me with such great stories and case studies that have insight and valuable lessons that you can learn from. This one has an absolute ton of them. In fact, I did take that segment and I’m going to put that on YouTube so you can see it there with visual aids. I’ll show you the numbers as we go along. When you’re reading, you’ll be able to follow this story right along as I interview them. To give you an idea of some of the things that you face in the industry, how you overcome these obstacles, and how things can work out? If you’re persistent in the business if you have the skillsets involved in the business, you’re going to enjoy that. Let’s go ahead and roll right into my little segment I like to call Duly Noted.

In this segment of Duly Noted, I want it duly noted that in the marketplace, you need to sharpen your skills on both selling real estate with creative financing, and also how to purchase that creative financing. The reason I’m saying this is it’s been predictable. I’ve been talking about this that real estate investors are going to get creative in this marketplace. They have too. Financing is not available as it once was. Anytime that happens, people become creative. Creative financing fills that void where conventional financing is no longer available that has always happened. It was predictable, but this is going to happen. Most of the creativity that I’ve seen is on selling real estate on terms and with seller financing.

It’s a great technique to utilize. What I’m seeing most of, I saw six different deals where a real estate investor purchased real estate without financing because they took over the existing financing on what’s called a subject to. Subject to is not the same as assuming a loan. Loans aren’t assumable anymore. It doesn’t come out of their name and go to your name. You simply into an agreement where, “I will buy this property and I will pay your existing loan payments on your behalf.” You’re buying it subject to that mortgage.

Normally, this involves as usual a motivated seller and that seller wants out. There’s a little bit of money exchange and then you simply take over the responsibility to make the payments on that loan then you fix up the property and you sell it to somebody else with a wraparound mortgage. You create a bigger loan because you’ve enhanced the value of that property. You create a larger loan that wraps around the existing let’s call it bank loan. The borrower living in the property starts to make payments on the wraparound note. As that money comes into you on the wrap, you pay a portion of it to the underlying loan. You want to structure it where the payments coming in are greater than the payments going out on the underlying loan.

It’s buying subject to and then selling with a wraparound note. It’s a great technique to utilize. I’ve been seeing a whole lot of these and it makes complete sense to do that. Sharpen your skills on how to do that. If you’re more inclined to operate on the note end of things, a lot of real estate investors who purchase real estate and sell it with a wraparound are interested in selling that wrap. I mentioned to you that I saw six of these. One of them hasn’t even received the first payment, the others received two payments.

Most estate investors are creating these notes and then immediately want to cash out of that note. There is no problem. Can you purchase those notes? Can you broker those notes? The answer is yes and yes. You can purchase them yourself and you can broker them. Here’s what needs to happen though. If you’re going to purchase a wraparound note, there has to be enough in that the sale and purchase of the note to pay off the underlying bank loan. That’s how it works. If somebody has a $50,000, let’s call it Wells Fargo loan where they bought this property subject to. They fixed the property up and they’ve sold it for $110,000 and created a $100,000 note. We can buy that whole note. Let’s say, we buy that for $75,000. We could buy that whole note of the $75,000 though, $50,000 of it is going to go and be paid directly to Wells Fargo. That loan is gone. The balance then $25,000 in that example is going to go to the note seller.

The numbers have to work to make this all happen because we want to be safe as note investors. We’re not going to pay $100,000 for a $100,000 note, or I’m going to pay $90,000 for $100,000 note in marketplace. The numbers simply have to work in there, but they’re purchasable. That’s a great technique. You’re going to see more and more of these in the marketplace. No question about it. I’ve seen that on Paperstac as well. It is something that’s happening in the marketplace and it’s going to be a nice little run of these that you can be the note buyer, broker on or real estate investor who sells with a note.

If you’re doing it that way, if you’re a real estate investor selling with the note, make sure you create a note that is sellable. It’s got to meet that criterion. Do you want to be competitive in this marketplace? One of the things that you need to do, and I want that duly noted is to sharpen your skills on creative a note, and also on how to purchase creative financed notes as well. Learn more about wraps and I hope you do that with me. You can see me at RealEstateWithoutRenters.com or KevinShortle.com. We’re going to move on to our next segment where we’re going to interview Dave Franecki. You’re going to love this case study I know that I did and enjoy.

It’s always a pleasure to talk with my friend, Dave Franecki out in Arizona. He is an active note investor for many years and even beyond that. Once again, combining the skills of real estate investing with real estate note investing, he’s a great example of that. He’s always got some great stories that envelop multiple lessons in a case study as I like to call them. That’s essentially what happened on a deal and walking you through. I found that’s a valuable way for people to learn. It’s something that they can relate to. It’s something they can retain in a story format. I asked Dave to come on in and talk about this a particular deal. I’m hearing you about it the first time too. We’ll see how this onion unfolds, as we talked to it. Dave, how are you?

KSS 59 | Mortgage Note Case Study

Mortgage Note Case Study: Creative financing fills that void where conventional financing is no longer available.


I’m great, Kevin. How are you?

I’m doing great as well. It’s always good to see you. You’ve got an interesting case study here on a property that you purchase the note on out in Michigan, which if you’re new to the note business that is not uncommon. That is how things are done. You go to where the opportunities are. It doesn’t matter. You look at one state and invest in the other, but as clarification, tell us about the property. Maybe we’ll start with a little bit of what you found on the discovery of this. In other words, when people are new to the business or even have a little bit of experience, we always talk about in terms of what you’ve got to do, your due diligence, and that gives you a discovery of what’s going on. Maybe tell us from that format of, “Here’s the property. Here’s what they were asking but here’s what I discovered when I started my due diligence.” If you would.

Kevin, these properties in Redford, Michigan, which is a suburb of Detroit, it’s a strong area, not that stuff that you might hear about where there’s a bunch of burn, tear downs or scrapes. It was a mortgage. It was not a land contract and it was on a spreadsheet. I had to go through and do my due diligence with that. What I found was is that the original mortgage went back to November of 2006 and the unpaid balance was $146,000. It was at the height of the market at that time.

It’s 2006, all property values were still on the dramatic incline at the time.

It’s a great location, brick house, clean and all the emotional equity you would think. Apparently, the payer got in trouble. The note had been sold and it was an adjustable-rate mortgage. The new note owner, the hedge fund went to the payer, the borrower and said, “Yes, we will help you to do a modification.” They took this $145,000 balance with an interest rate at that time was all 11%, 12%, 10% on whatever it was at that time. The payments were small, $215, $230 a month. They modified that, Kevin, down to $20,000. It’s like, “What? A gift?” The house value drops too.

I was going to say for everybody’s frame of reference, in 2006 if you all remember, property values were going up and loans were easy to get. A lot of them were adjustable-rate loans, which people never figured, they can’t adjust that high. They adjusted. We’ve seen plenty. You and I have 11% and 12% bank-originated or mortgage company-originated loans. That seems to be what happened here to the point where this person, they got their payments up to about $1,400 per month on the original loan. That’s where they fell in trouble in 2008. Part of this, I always like to say in all of my training, it’s numbers and its story, and this is a combination of both here. You could imagine that their property value is going up and then all of a sudden, especially outside of Detroit dramatically dropping, and they still owe $140,000. If you owe $140,000 and your house is now worth half of that or worse, you’ve got to start to think, “Why am I even paying this?” They fall into trouble.

They did get lucky as you’re saying, in a way where they went into default. This was a non-performing note that was probably packaged up by this company and sold to this hedge fund. The hedge fund took the time to address it and make it work, which is a valuable lesson there. In the note business, we can help a lot of people stay in their homes and that’s what happened here. That’s a rather dramatic loan mad to go from essentially owing $140,000 down to $20,000. What did you find out about that if anything? Did you move beyond that?

I also saw the monthly payment drops from $1,350 down to $250 or $230 and $225, or whatever it was. I thought, “That’s good.” The pay history looked good. When they did the modification, the payer or the borrower came in with another $3,000 or $4,000 to drop the unpaid balance down. I paid $14,000 or so for the note at that time of property value of $60,000 sounds secure. The unique thing about this too, Kevin, is I bought this in my HSA, Health Savings Account. I have a story behind this when we get to it. That was all good. I set up the servicing and it went fine. In 2017, she gets behind.

This is good, but I want to make sure our readers follow here. An HSA for those who are not familiar, that’s a Health Savings Accounts and they are tax-sheltered accounts that you can invest. You put the money away for medical, but you build up enough in that account. You don’t have to keep that in the cash or cash-like account. If you have a self-directed IRA company that also does HSAs, which virtually every one of them does, that’s another way to fund particular deals for yourself. You bought it through an HSA and pick it up from there again.

The HSA is like a Roth in effect how it works. I thought, “This must be a great one.” My goal on the top end was to do a partial. As a matter of fact, I promoted that at my local Meetup, the Note Investors Forum as a partial, and then the payer messed up my plans. She started getting late and she started getting later. I went after her with an attorney to foreclose that she brought it current. I hadn’t looked at the loan docs side, I thought, “We’ll get it going.” I knew I had no real risk there. We got it going and it cost me $1,500. The other piece of this, Kevin, is in Michigan, if you have an attorney filed default notice and in this case, it was $1,500. You can only collect $75. Michigan caps you in which you can collect or tack onto the loan.

In some cases, you don’t get anything. That’s a way better than nothing. In other states, you can collect your legal costs as a part of that. In Michigan, you had to spend $1,500, but you only got $75 back. Let me ask you a question though. When you found this deal, you did fund it through the HSA and then you purchased this with around 130 payments that you were entitled to. When you said you wanted to sell a partial, you went to your meetup group, which is filled with other investors looking to buy a good deal. You were looking to sell them a portion of those 130 payments.

Financing is not as available as it once was. You need to get creative when it comes to financing. Click To Tweet

My acquisition price was $14,000 plus or minus. I was selling whatever payments that worked out too. I would keep the tail on my HSA. It would build it up and I go on my way, but things change.

Once the payments came late, all of a sudden your performing note started looking at a sub-performing note price. Fewer investors, especially new ones, became interested in that so you had to change up plans.

Not only that, because my HSA didn’t have a lot of money. I spent the $14,000 I got some payments in, but the balance was limited. It kept me in what I could do in terms of growing that HSA. It’s almost like a double whammy. It’s like, “Really?” I went to the attorney regarding bringing it current and she continued, but in the course of time, between Septembers of ‘19, she was late 25 times and I then start looking at the documents. I thought, “What is this?” I didn’t see this when I bought it, or I didn’t remember it, what I found was there was a right of rescission, or in other words, they modified the loan to these terms.

If she violated those terms, they would go away. The note unpaid balance would revert back to what it was before and in 2012. By that time, the property value had jumped $210,000 from $60,000. She could have sold the house and come out done well before she did not. I followed the letter of the law by the way the documents were written. I sent her a letter, regular mail, certified mail, “Your terms are now rescinded. They are voided. You now owe $145,000 plus $10,000 for late, $155,000.” She had been going dark anyway and not talking and she freaked out.

You said initially, and I want to make sure I heard you said so in the agreement, this is the one when they reduced her principal balance down, or at least loan amount owed to $20,000. Back in 2012, a part of that agreement said, “If you don’t live up to your obligation to make these payments on time all the time, then your balance can revert back to the original 2006 balance of $145,000 or so.”

I also went back into the documents, Kevin, and that hedge fund used Michigan’s Hardest Hit Funds to make up for that forgiveness.

That’s why the $20,000. Let me clarify here for everybody. The Hardest Hit Fund was a government program from the federal level were Treasury Department, federal funds give states individual money to help people who fell behind on their payments during the crash. This fits perfectly the timeline and everything is perfect. She bought it in 2006. Problems happened in 2008. The markets crash or property’s value is down and the Hardest Hit Fund allocated money. The other company that bought this note from the original lender, they had her apply for Hardest Hit Fund. Now, Hardest Hit Fund doesn’t give money to the borrower. They give it to the lender directly.

I believe if memory serves correct in Michigan, it may have been up to $40,000 that they would pay. That a hedge fund company who bought this note had her apply. She probably got to check it for either $30,000 to $40,000 directly for Michigan and thereby could afford to go ahead and drop not only her balance not only to $20,000 but her monthly payments by $1,100 per month. It dropped down to $233. That makes sense why something like that would happen. This whole thing where she rescinded her agreement though, that became your game-changer.

The moment she got that letter, she pushed the little red button. You know what that is, Kevin. They send the letter to my servicer about her complaint. It didn’t go anywhere, but it freaked out the servicer. We had to respond back with evidence that there was no abuse and she did in fact violate her agreement. The servicer at that point got rid of all my other loans. They said, “We’re firing you.” I said, “Okay.” They kept that. That didn’t work for the payer with the little red button CFPB. She does a Chapter 13 and then COVID hit.

She gets this letter saying, “Your balance went from less than $20,000 all the way back up to $145,000.” She filed a complaint to the CFPB, Consumer Financial Protection Bureau. She contacted them to say, “This is an abusive lender.” That made your servicer company go, “I don’t know if we want to be involved in this.” You showed them the paperwork and the Bureau determined that it was not abusive. It was following the letter of the law like the terms of the agreement.

It went away.

KSS 59 | Mortgage Note Case Study

Mortgage Note Case Study: An HSA works somewhat like a Roth.


Who fired you? Was your servicing company still a little shaken?

I had another loan going bad and they said, “We had to get rid of this Franecki guy. He was too much trouble.” They didn’t want to deal with it. There’s another Detroit loan that was going south. He said, “No, we going to deboard this. You’re done. You’re out of here.” It turned out that the loan came around and it worked out well. She did a BK and COVID hit so we were locked out in the courts. She wanted to do Chapter 13 and tries to make things work, but the numbers don’t work or it didn’t work for that. In the middle of June 2020, the court said, “No, we’re going to release this property from the bankruptcy.”

What happens in bankruptcy 13 and it’s known as a reorganization of your debt and it’s normally done in an effort to keep someone in their home. They have the ability to make payments. They’re still getting income from their job. It’s just that their liabilities are higher than they have income coming in. The bankruptcy courts will work with secured investors, which in this case, Dave, would be because that loan that he owns is secured by the property versus a credit card. With a credit card debt, they’ll eliminate that or drastically reduce that for her to keep her in her home. When they declared that, there’s estoppel done where all the creditors get a notice both security non-security said, “Everybody leaves her alone so we can figure this out.” That requires a judge. If the courthouses are closed, there’s no judge coming to court or attorney. That put a big pause on everything. When it resumed, what you’re saying is that the bankruptcy judge was able to release it from the stay?


You had petitioned that, right?

Yeah. I had to hire an attorney to act on my behalf and appear before the judge versus me doing whatever, which is the only way to do it, try and do everything yourself. The moment that was released from bankruptcy, I was in a great situation. I double-checked my values. They were $110,000.

The property value.

The UPB was $155,000. That was irrelevant. She lived there for fourteen years so you knew the property needed work. In terms of determining the value of that note, I took the normal investors formula, the 70% projected repairs. I came up with a sales price of the nonperforming of $45,000, which would leave enough meat on the bone for the new buyer, knowing that they would have to either evict her or foreclose. I didn’t want to deal with that. I didn’t want to deal with the Michigan stuff going on out there for lack of another term, the politics. I want to get my money and run. I put out an email to my investor base and I had six people raise their hand, “We’re interested.”

The end of the buyer turned out to be a rather larger investor from Michigan with a $3 million line of credit. He owns a lot of property in Detroit. He said, “I’m good to go.” We close it within a week. If you look at the numbers, I paid $14,000. The UPB was down to $12,000 and some other costs. I ended up selling it for $45,000. It’s not too bad tripling my money. I had to go through some hoops and some aggravation, which I try to avoid if I can, but it was a good deal. The new investor, the other side said, “Dave, if you ever got out of the properties up here, I am your buyer.” I have a friend. I did what I said I was going to do. We followed the letter of the law. I treated everybody fairly based upon the paperwork and my HSA is now whole again.

On a recap here with the BK 13, it sounds like she moved into a Bankruptcy 7 towards that direction and the judge said, “If that’s the case, we’ll release this property from the process and let the secured investors go after their security.” That’s a common thing to happen when someone simply can’t afford to make those payments and the bankruptcy judge said, “No, we’re not going to hold up the secured investors on this any longer. Release that property from that.” You’re taking back a note. The balance is $145,000-plus and you priced it enough where it could sell because you were in this thing $11,500 or something like that.

On purchasing the note, you had your legal costs and time invested in this and effort, but you had a minimal amount of money based on the fact the collateral’s worth $110,000 and they owe $155,000. When you mentioned, which is irrelevant, what you meant was that number is irrelevant because you were only in it for such a small amount. That balance you’re not going to charge somebody. You’re not going to base selling the note off $155,000 because the property’s worth $110,000. You left meat on the bone, which important as well. You priced it where you said, “What would an investor pay? They don’t want to be in a deal for more than 70% or so.” You priced it according to that, which essentially double what you had in it or pretty close.

In the note business, we can help a lot of people stay in their homes. Click To Tweet

Let’s say $12,000, $45,000. What is that $33,000?

You have $12,000, $13,000 and you’ve got $44,000 back.

The other piece of this too, Kevin, the big sheet with the bankruptcy was concerned about the taxable consequences of forgiven debt. The bankruptcy neutralizes that. There are a lot of different moving parts here that you’ve got to think about it as you go through it and understand what’s the cause and effect of every situation.

It was the right move on her part if she couldn’t afford to catch up, but I’ll tell you the other thing is for those reading, you have to have adaptability in this business and you have to have a skillset that enables you to go from one exit strategy to another. You’ve got to have the patience and the persistence to hang in this deal because I could see some people bailing on this thing. I could see some people getting to a point where they either bail on it or they go, “We’ll accept the payment when she makes a payment and tries to get our money back rather than going through it as you did and taking it to that next step.”

Kevin, to that point with individuals in these business payers, you have a certain pain threshold, patience threshold. I had reached mine. I said, “I’m out of here.” Let’s fast forward to six months.

I see where you’re going here. You’re saying after you got all this done and you have this note sold to this other company, you sold it because, “I’ve been working on this one. I don’t want to take it to the next level, which is foreclosing and everything else. I’d rather triple my money, cut and run, and leave it to the other guy.” You know the other guy’s story, the company that you sold it to. Let’s hear it.

The other guy that I sold it to, he’s an investor up there. He’s willing to go through the nine months or whatever it is he has to do to get her out. He’s going to rehab it and rent it. It’s a great rental property, but also I’ve got him for a buyer down the road. What I said, fast-forwarding, if you look at all the properties that are going to be coming up to default that are not going to be able to make up their mod payments, this is a prime example of what one would be encountering with any of those nonperformers that you might run into and buy.

Explain that a little bit more.

Let’s say in May, Kevin Shortle is looking at a pool of nonperforming notes and he buys twenty of them. You work them through and you get them modified out. Some of those are going to go south again. I bet you $1 some of those will be replicating what we saw here 3 or 4 years down the road. You’ve got to be aware and cognizant of all the different possibilities. You’re not going in a straight line. It’s going to be a lot of deviations, a lot of different rabbit trails, and down a trail back. You never know. You got to bob and weave like when you’re skiing. You’ve got to watch out for those moguls and pivot accordingly.

I was thinking about boxing. Everybody is going to make some small mistakes along the way, as long as they’re recoverable. For example, I’m sure the one mistake was when you didn’t see that notice of rescission deal in the original documents. You could have, but it’s not something you would normally see in a set of documents. I could see where you could miss that because it’s not a paragraph that is something that you’re used to seeing in a document or that you’re looking for in a document. Who’s looking for that? It was there.

It was irrelevant to me at that time and shame on me. If I had been more cognizant, if I had noticed that in 2017, I could have shortened this whole process, but I didn’t.

KSS 59 | Mortgage Note Case Study

Mortgage Note Case Study: Bankruptcy 13 is normally done in an effort to keep someone in their home.


Something to learn from every deal on all sides. You’re going to make mistakes, but as long as they are recoverable and you’ve got the skillset. Did you have any advisers that you took on this or you put nose to the grindstone and found this yourself? Did you ask any attorneys or anybody like that?

As it relates to what, Kevin, on the purchase?

Anything in this deal, when you were going through trying to do these workouts, did you have attorneys?

Yeah. I’m not an attorney. I don’t want to play one on TV and all that. I don’t want to do it. I checked with them what was right. Is this rescission real? Is it viable? Is it going to come back and bite me for trying to do it? We thought it might. It wasn’t. The buyer of the note looked at it the same way. No, it’s all good. We followed the letter of the law.

On the CFPB, as a side note, because I’ve never had a deal with them before, what was that process? Were they hard to work with or was that one of those areas, “Leave it to the attorney?” Finally, the CFPB, the Consumer Financial Protection Bureau said, “There’s no problem here.”

The servicer and I worked out our response in an interrogatory and we built a legal case of why I was correct in the method that I used to rescind the modification. I’m going to ship it off to them. In the meantime, I had to go onto the CFPB site and register and I did the same thing.

They weren’t that difficult to work with because you didn’t do anything wrong.

The other thing is I bought this in my HSA, but I also have an LLC that I operate at. The payer put in my LLC as the defendant plaintiff or violator. That was erroneous too. The bottom line is the servicer put it together, “My third person representative, not me.” It was cleaner that way. Using a servicer makes sense.

These are other lessons. There are people that self-service their note, collect the payments and everything else, but when things go wrong, trying to save a few bucks, not using a servicing company usually comes back to bite you.

Kevin, if I could add one thing, if people is buying, the analytics is important. Meaning the loan-to-value and the investment to value. Yield is fine but if you don’t have that foundation there and allow for changes in the economy, you could be in trouble down the road. I have those foundations there, which you taught me and that’s made the day.

In sticking by those guidelines, because say we’re facing another change here, nobody knows what’s going to happen coming up towards the end of this year and beginning of next year. There are always going to have these undulations. If you stick with the principles, you should be able to insulate yourself properly from the risk. That’s what Dave was saying their investment to value. That can do that for you. It’s a great case study, Dave. I love it.

In the note business, you have to have a skillset that enables you to go from one exit strategy to another. Click To Tweet

Hopefully, your students and the readers will learn from this, but it’s foundational for the whole note business.

You mentioned your group out in Arizona and we have some audience out there in Arizona where people are watching this on YouTube. By the way, we’re going to have this on YouTube, but they can also find it on your site, Dave, but they may want to come to your meetup. Tell us where people can reach you.

Before COVID, it’s called the Note Investors Forum. We meet in Mesa, Arizona, which is a suburb of Phoenix. It’s the typically first Wednesday of every month for lunch at 11:30 on a piece of a pizza joint. We have 40 to 50 people there. It’s a great interactive family type setup, if you will.

That’s a big side room, still in the big five.

We’ve been doing it for a few years. With COVID, we’ve been going virtual and I hope by September 2020, we’re going to be able to go live again in the restaurant. We’ve had 3 or 4 Zoom meetings with the COVID stuff and I’m taking a break, but we’re going to resume virtual on August 2020, then live in-person in September of 2020.

I do appreciate it. Do you have a website or anything like that you want to give us as well?

It’s CapstoneCapitalUSA.com. There are notes on there. They come and they go. There is a lot of educational material. I do buy and sell notes. Kevin, you’re in a couple of the videos on there. It’s all educational. The first page is a squeeze page for people that want to sell their notes to me. There’s a lot of information there. It’s a great education.

It’s great education and business to be in. Dave, I always do appreciate it. These stories mean so much to my audience and my clients all the time. We are looking forward to sharing this with them as well.

It’s my pleasure, Kevin. We look to see you in Phoenix here when this thing settles down.

Thanks, Dave.

KSS 59 | Mortgage Note Case Study

Mortgage Note Case Study: Buying the analytics is important.


Thank you.


That wraps up another episode. I hope you enjoyed that. Please see me on YouTube. I have a YouTube channel. I’m on Twitter, Facebook and LinkedIn, all of those social media formats, and also my websites, KevinShortle.com and also RealEstateWithoutRenters.com. I’ve got all good information on there also about my courses and consulting that I do that are getting results. I’ll even schedule a personal call with you to discuss it. If you want to do that, send me an email on my website. I’ll be glad to talk with you about that and see if we are a good match for you. I look forward to putting together another episode with you as well.

If you’re looking to set up an IRA or 401(k) that is self-directed, which you can utilize to invest in real estate and real estate notes, I highly recommend NuView Trust. NuView Trust is the company that I go with and my family goes with. If you want more information on that, text my name, Kevin, to 484848. There is no cost or obligation on that. You’re going to get a free booklet about investing with self-directed IRAs and 401(k)s from NuView Trust. That’s the company that I personally go with. Thanks. I look forward to putting together another show for you soon.

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About David Franecki

KSS 59 | Mortgage Note Case StudyDave Franecki has 30+ years of experience in various aspects of the Real Estate industry in three distinct geographic locations– Cincinnati, OH, Portland, ME, and Phoenix, AZ.

His range of experiences includes almost every facet of the real estate industry including real estate brokerage, landlord, rehabber, fix and flips, loan officer, credit repair, investor mentor, building &  land development, and note investing.

From 2008 -2014, as an REO broker, Dave and his REO team contributed to the Phoenix real estate recovery.

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